Core Viewpoint - The white liquor market is experiencing a significant price war during the 2025 "618" e-commerce promotion, with major brands like Moutai and Wuliangye seeing their high-end product prices drop below wholesale levels, raising market concerns [1][2]. Group 1: Price Changes - During the "618" promotion, Moutai's price dropped to as low as 1840 yuan per bottle from a previous range of 2300 to 2500 yuan [1]. - Wuliangye and Guojiao 1573 saw their prices fall below 861 yuan and 779 yuan per bottle, respectively, which is lower than their wholesale prices [1]. - Mid-range products like Jian Nan Chun also experienced price reductions, with a selling price of 344 yuan per bottle, below the recent wholesale price of 405 yuan [1]. Group 2: Market Dynamics - The price reductions are attributed to inventory pressure and a seasonal downturn in the white liquor industry, coinciding with the "618" e-commerce sales [2]. - The shift towards e-commerce sales has led to an increase in counterfeit products, prompting companies like Wuliangye to issue warnings and take action against fake goods [4]. - The overall market downturn has affected the capital market, with all 20 A-share white liquor stocks declining, resulting in a market value loss of 340 billion yuan this year [4]. Group 3: Industry Challenges - The industry is facing dual pressures from social consumption and cyclical adjustments, transitioning from an incremental market to a stock competition phase [5]. - Companies need to focus on inventory optimization, channel stabilization, and boosting consumer confidence during this challenging period [5].

Group 1: 2024 Market Characteristics - The liquor industry is undergoing a deep adjustment period in 2024, showing a "declining volume but increasing profit" trend, with production down 1.8% to 4.145 million kiloliters, while sales revenue increased by 5.3% to 796.38 billion yuan [1][21][22] - The profit total reached 250.87 billion yuan, a year-on-year increase of 7.8%, with A-share listed liquor companies reporting a total revenue of 442.23 billion yuan, up 7.3% [1][22] - The CR6 companies (Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, Yanghe, and Gujinggong) accounted for 86% of the industry's total profit, indicating a significant increase in industry concentration [1][22][27] Group 2: 2025 Market Conditions - In Q1 2025, liquor production fell by 7.2% to 1.032 million kiloliters, continuing the trend of declining production [2][40] - Listed companies showed resilience with a revenue of 153.42 billion yuan, up 1.7%, and a net profit of 64.91 billion yuan, up 2.3% [2][40] - The industry faces challenges with "declining volume and price, and rising costs," as 59.7% of companies reported reduced operating profits [2][49] Group 3: Market Environment Changes and Competitive Landscape - The revised regulations in May 2025 expanded the ban on alcohol consumption, impacting market sentiment and causing a 2-3% overall decline in the liquor sector [3] - The CR6 brands accounted for 87.6% of the revenue of the 20 A-share liquor brands in Q1 2025, indicating further concentration in the market [4] - The younger consumer demographic is emerging, with those born between 1985 and 1994 becoming a key market segment, although business and management personnel still represent 85.1% of the consumer base [4] Group 4: Market Outlook and Development Suggestions - Companies are adopting pragmatic strategies, with 64.9% focusing on core products and 40.4% targeting the mass market [5] - Recommendations for industry health include optimizing capacity and focusing on high-quality development, with a shift from quantity-driven growth to quality-driven strategies [6] - Emphasis on digital marketing and technological innovation is crucial, with 34.9% of companies prioritizing instant retail channel expansion [7] Group 5: Online Sales and Consumer Behavior - Online sales in the first five months of 2025 exceeded 60 million bottles, generating over 30 billion yuan, although national brands are struggling with growth [2][53] - The average online sales revenue for A-share listed companies was 5.0% of total revenue, reflecting a slight increase from the previous year [53] - Consumer behavior is shifting, with a notable decline in traditional consumption scenarios, leading to a decrease in demand during holiday periods [63][70]

Group 1 - The 2025 Sichuan International Wine Expo, hosted by various associations, features a dual venue format and emphasizes the cultural heritage of Chinese liquor, particularly the "Six Golden Flowers" of Sichuan [1][2][4] - The event runs from June 18 to June 22, 2023, in Mianzhu, a key production area for Chinese liquor, offering a blend of tasting experiences, cultural activities, and consumer engagement [1][2] - Over 100 renowned liquor companies from more than 10 countries are participating, including major brands like Wuliangye, Luzhou Laojiao, and Moutai, highlighting the significance of Sichuan liquor on the global stage [2][4] Group 2 - The event aligns with the "Ten Cities Sharing Gourmet Drinks" initiative by the Ministry of Commerce and other departments, promoting local consumption through the distribution of food and beverage vouchers [2] - The expo features a focus on intangible cultural heritage, with master brewers from the "Six Golden Flowers" declaring a commitment to craftsmanship and innovation in liquor production [4][6] - The 2025 International Spirits Judges Annual Meeting is also taking place, aiming to establish international sensory standards for spirits and enhance the global competitiveness of Chinese liquor [8] Group 3 - The global spirits market is projected to reach approximately $525.3 billion in 2023, with an expected annual growth rate of 4.56% from 2023 to 2027, indicating significant potential for Chinese liquor in international markets [8] - The event includes the announcement of the "Top Ten Innovative Marketing Cases for Sichuan Liquor Brands" for 2024-2025, recognizing excellence among local producers [6] - The expo aims to integrate traditional brewing techniques with modern marketing strategies, enhancing the visibility and appeal of Chinese liquor on the world stage [4][8]

Group 1 - The demand for high-end liquor, particularly premium baijiu brands like Guizhou Moutai, Wuliangye, and Luzhou Laojiao, has been declining due to market saturation and changing consumer preferences [1][3][6] - The real estate sector's struggles and the implementation of nationwide alcohol bans have further exacerbated the challenges faced by the high-end liquor market, particularly affecting the consumption capacity of institutional buyers [3][6] - Prices for premium baijiu have significantly decreased, with Guizhou Moutai and Wuliangye seeing price drops to around 1,499 yuan and 800 yuan per bottle respectively, indicating a shift towards more rational pricing [3][6] Group 2 - The traditional speculative model of hoarding and reselling high-end liquor is no longer sustainable, leading to an oversupply situation similar to that of the tea market [1][6] - The demographic shift in consumer preferences, with younger generations favoring wine and beer over baijiu, suggests a shrinking consumer base for high-end liquor [6] - Many distributors of high-end baijiu are struggling financially, as increased inventory levels lead to greater losses, indicating a potential crisis in the distribution network [6]

Investment Rating - The report maintains an "Outperform" rating for the food and beverage sector [2][5][6]. Core Views - The high-end liquor prices continue to face pressure, influenced by a "ban on alcohol" affecting short-term market fluctuations. The white liquor industry is undergoing a longer adjustment cycle compared to the previous one, with demand decline attributed to regulatory policies and economic activity levels [3][13][15]. - The food and beverage sector experienced a decline of 4.42% during the week, underperforming the Shanghai Composite Index by 4.17 percentage points [2][24]. Summary by Sections 1. White Liquor - High-end liquor prices are under pressure, with a reported 2.0% year-on-year decline in liquor prices from January to May. The white liquor index fell by 5.3% this week, influenced by the "ban on alcohol" for public officials [3][15]. - Recommended stocks include leading companies with proven risk resilience such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, as well as those with digital transformation benefits like Luzhou Laojiao [3][15]. 2. Consumer Goods - The upcoming IPO of Haitian Flavoring and Food Co. is noted, with the beer and beverage sectors entering a peak season. The report suggests focusing on alpha-type beer stocks like Yanjing Beer and Zhujiang Beer during valuation corrections [4][16]. - The snack sector is experiencing a trend of differentiation, with recommendations for companies like Wei Long and Yanjinpuzi that are innovating in product categories and channels [4][18]. 3. Seasonality and Market Trends - The report highlights that the beer sector is entering its peak season, with expectations for stable or growing sales due to favorable weather conditions. The report suggests monitoring stocks like Qingdao Beer and China Resources Beer for rebound opportunities [4][17]. - The dairy sector is expected to see a gradual recovery in demand, with potential policy catalysts and supply adjustments leading to improved conditions in 2025 [4][21]. 4. Investment Recommendations - The recommended investment portfolio includes Kweichow Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, Yanjing Beer, Wei Long, and Yihai International [5][6].

Core Viewpoint - The dividend performance of listed companies in Sichuan has shown significant improvement, characterized by increased dividend payout ratios, stable dividend amounts, and the gradual establishment of a normalized dividend mechanism, enhancing investment value [1][2]. Group 1: Dividend Payout Ratio - The annual dividend payout ratio for Sichuan-listed companies reached 50.28%, an increase of 7.02 percentage points from the previous year. Approximately 40% of the 43 companies had a payout ratio exceeding 50%, indicating a strong commitment to shareholder returns [1]. Group 2: Stability of Dividend Amounts - Despite some companies facing performance pressures, 105 Sichuan-listed companies announced a total cash dividend of 57.766 billion yuan in 2024, maintaining the same level as the previous year, even with a decrease in profitable companies. Notably, some companies with negative net profits still distributed dividends, reflecting their focus on investor relations [1]. Group 3: Leading Role of Major Companies - In 2024, seven Sichuan-listed companies distributed dividends exceeding 1 billion yuan each, collectively contributing about 43 billion yuan, which accounts for 74% of the total dividend amount [2]. Group 4: Performance of Newly Listed Companies - Over 60% of the 20 newly listed companies in the past three years introduced cash dividend plans for 2024, with an average payout ratio exceeding 50%. Six of these companies executed multiple dividend distributions within the year [2]. Group 5: Normalized Dividend Mechanism - A total of 27 companies increased their frequency of dividend payments by 285% year-on-year, with over 12 billion yuan distributed before the Spring Festival. Additionally, 61 companies have maintained continuous dividends for five years, and 53 companies have disclosed long-term return plans or sought shareholder approval for mid-term dividend strategies [2].

Core Viewpoint - The decline of Feitian Moutai below 2000 yuan has triggered a downward trend in the liquor stocks, indicating a significant downturn in the high-end liquor market [1][3][4] Group 1: Market Performance - On June 16, the liquor index hit a new low, with Wuliangye's stock price down nearly 14% year-to-date, and Guizhou Moutai showing signs of fatigue [3][4] - The liquor sector has seen a complete downturn this year, with 19 stocks recording losses, 8 of which exceeded 20%, and the largest drop being 28.4% for Yingjia Gongjiu [3][4] - The liquor index has dropped 10.73% year-to-date, with a cumulative decline of 13.25% since mid-May, reflecting a nearly 44% retracement from the historical peak in 2021 [4][6] Group 2: Price Dynamics - Feitian Moutai's wholesale price has fallen below the psychological barrier of 2000 yuan, indicating a weakening investment appeal and prompting speculative sell-offs [5][6] - The recent price drop of Feitian Moutai from 2100 yuan in mid-May to below 2000 yuan has raised concerns about the industry's overall health [5][6] - The current price trend suggests a shift in the supply-demand dynamics, with high-end liquor sales being adversely affected by new regulations and seasonal factors [6][7] Group 3: Regulatory Impact - New regulations on government alcohol consumption have further suppressed high-end liquor sales, as recent policies prohibit serving alcohol at official receptions [6][7] - The combination of seasonal demand fluctuations and regulatory changes has led to a significant impact on high-end liquor sales, particularly in the second quarter [6][7] Group 4: Valuation Concerns - The valuation levels of liquor stocks are nearing historical lows, with the Shenyin Wanguo liquor index's P/E ratio at 17.81, the second-lowest since June 2020 [8] - Guizhou Moutai's current P/E ratio is 20.14, while other leading liquor stocks are below 15, indicating a potential value trap for investors [8][9] - The market is advised to wait for stabilization in prices, channels, and inventory before reassessing investment opportunities in the liquor sector [8][9]

证券代码：000568 证券简称：泸州老窖 公告编号：2025-28 泸州老窖股份有限公司 第十一届董事会十二次会议决议公告 审议通过了《关于调整第十一届董事会专门委员会委员的议案》。 表决结果：10 票同意，0 票反对，0 票弃权。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 泸州老窖股份有限公司（以下简称"公司"）第十一届董事会十二 次会议于2025年6月16日以通讯表决的方式召开。召开本次会议的通 知已于2025年6月13日以邮件方式发出，截止会议表决时间2025年6 月16日，共收回10名董事的有效表决票10张。本次董事会会议的召开 符合有关法律、行政法规、部门规章、规范性文件和公司《章程》的 规定。 二、董事会会议审议情况 2.深交所要求的其他文件。 泸州老窖股份有限公司 董事会 2025 年 6 月 17 日 根据工作安排，公司董事会审计委员会成员调整为：吕先锫（主 任委员）、陈有安、李国旺。 三、备查文件 1.经与会董事签字并加盖董事会印章的董事会决议； ...

Core Viewpoint - Recent developments in the liquor industry include shareholder meetings, dividend announcements, and significant personnel changes, reflecting investor interest in stock buybacks and dividends [2] Company Dynamics - Yao Anna has been appointed as the cultural heritage ambassador for Zhenjiu Lidou, a Hong Kong-listed liquor company, as part of efforts to apply for UNESCO recognition for Chinese liquor as a world intangible cultural heritage [3] - Luzhou Laojiao announced that it has executed over half of its share buyback plan, having repurchased 2,133,750 shares, amounting to approximately 271.65 million yuan, which is 90% of the planned upper limit [4] - Kweichow Moutai has adjusted its 2024 profit distribution plan, increasing the cash dividend per share from 27.624 yuan to 27.673 yuan, totaling 34.671 billion yuan in cash dividends [5] - Zhangyu A announced the sale of its French brandy assets for a total of approximately 4.93 million euros (about 39.33 million yuan) [6] Personnel Changes - Two executives, Xiang Ping and Zhang Guichao, have been appointed as members of the Moutai Group's Party Committee, bringing extensive production and marketing experience [9][10] - Yang Weiguo has resigned from his position as a director of Yanghe Co., due to work relocation, effective immediately [11] - Zhangyu A has announced a new board and executive team, electing Zhou Hongjiang as chairman and retaining Sun Jian as general manager [12] - Chen Weimin has been appointed as the new general manager of Yiyaton, following the resignation of Zhou Guohui [14] New Products - Guizhou Zhenjiu has launched a strategic new product called "Dazhen·Zhenjiu," which is a high-end liquor made from over 200 different base liquors, aimed at the ultra-premium market [15] Industry Insights - Guosheng Securities suggests two main investment strategies in the beverage sector: focusing on quality leaders and high-margin improvement targets, as the industry is expected to see a surge in new product launches and seasonal demand [16]

Core Insights - As of June 13, the total market financing balance reached 1.80 trillion yuan, a decrease of 4.56 billion yuan from the previous trading day [1] - A total of 1,541 stocks received net financing purchases, with 304 stocks having net purchases exceeding 10 million yuan, and 45 stocks exceeding 50 million yuan [1] - The top three stocks by net financing purchases on June 13 were Zhongji Xuchuang (1.77 billion yuan), Luzhou Laojiao (1.71 billion yuan), and Zijin Mining (1.69 billion yuan) [1][2] Financing Balance and Stock Performance - The average financing balance as a percentage of circulating market value for stocks with significant net purchases was 4.39% [2] - The stock with the highest financing balance relative to its market value was Dazhong Media, with a financing balance of 1.15 billion yuan, accounting for 10.17% of its circulating market value [2] - Other notable stocks with high financing balance percentages included Dongshan Precision (9.97%), Huafeng Superfiber (8.00%), and Zhongying Electronics (7.93%) [2] Industry and Sector Analysis - The industries with the highest concentration of stocks receiving net financing purchases over 50 million yuan included banking, computer, and pharmaceutical sectors, with 5, 5, and 4 stocks respectively [1] - Among the stocks with significant net purchases, the main board had 36 stocks, the ChiNext board had 7 stocks, and the Sci-Tech Innovation board had 2 stocks [1] - The financing net purchases on June 13 showed a diverse range of sectors, including communication, food and beverage, electronics, and oil and gas [2][3]